The Board of Directors for ITT Exelis (NYSE: XLS) has authorized a share
repurchase program. Under the program the company may repurchase up to
$100 million of the company’s common stock from December 11, 2012
through December 31, 2015 with the primary objective to offset dilution
from equity awards made by the company.

Share repurchase transactions may be made from time to time during the
defined time period at the discretion of company management and in
accordance with all applicable federal securities laws. The timing of
repurchases and the exact number of shares of common stock to be
purchased will depend upon market conditions and other factors. This
program may be extended, suspended or discontinued at any time without
prior notice.

About ITT Exelis

Exelis is a diversified, top-tier global aerospace, defense and
information solutions company with strong positions in enduring and
emerging global markets. Exelis is a leader in networked communications,
sensing and surveillance, electronic warfare, navigation, air traffic
solutions and information systems with growing positions in cyber
security, composite aerostructures, logistics and technical services.
The company has a 50-year legacy of innovation and technology expertise,
partnering with customers worldwide to deliver affordable,
mission-critical products and services for managing global threats,
conflicts and complexities. Headquartered in McLean, Va., the company
employs about 20,500 people and generated 2011 sales of $5.8 billion. www.exelisinc.com

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995 (the “Act”): Certain material presented herein includes
forward-looking statements intended to qualify for the safe harbor from
liability established by the Act. These forward-looking statements
include, but are not limited to, statements about the separation of the
company from ITT Corporation, the terms and the effect of the
separation, the nature and impact of such a separation, capitalization
of the company, future strategic plans and other statements that
describe the company’s business strategy, outlook, objectives, plans,
intentions or goals, and any discussion of future operating or financial
performance. Whenever used, words such as “anticipate,” “estimate,”
“expect,” “project,” “intend,” “plan,” “believe,” “target” and other
terms of similar meaning are intended to identify such forward-looking
statements. Forward-looking statements are uncertain and to some extent
unpredictable, and involve known and unknown risks, uncertainties and
other important factors that could cause actual results to differ
materially from those expressed or implied in, or reasonably inferred
from, such forward-looking statements. Factors that could cause results
to differ materially from those anticipated include, but are not limited
to:

Our dependence on the defense industry and the business risks peculiar
to that industry, including changing priorities or reductions in the
U.S. Government or international defense budgets;

Government regulations and compliance therewith, including changes to
the Department of Defense procurement process;

Our international operations, including sales to foreign customers;

Competition, industry capacity and production rates;

Misconduct of our employees, subcontractors, agents and business
partners;

The level of returns on postretirement benefit plan assets and
potential employee benefit plan contributions and other employment and
pension matters;

Changes in interest rates and other factors that affect earnings and
cash flows;

The mix of our contracts and programs, our performance, and our
ability to control costs;

Governmental investigations;

Our level of indebtedness and our ability to make payments on or
service our indebtedness;

Security breaches and other disruptions to our information technology
and operations; and

Unanticipated changes in our tax provisions or exposure to additional
income tax liabilities.

In addition, there are risks and uncertainties relating to our
separation from ITT Corporation, including whether those transactions
will result in any tax liability, the operational and financial profile
of the company or any of its businesses after giving effect to the
separation, and the ability of the company to operate as an independent
entity.

The forward-looking statements in this release are made as of the date
hereof and the company undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. In addition, forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the company’s historical experience
and our present expectations or projections. These risks and
uncertainties include, but are not limited to, those described in the
Exelis Inc. Form 10-K for the fiscal year ended December 31, 2011, and
those described from time to time in our future reports filed with the
Securities and Exchange Commission.

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